Asia Pacific Refrigerant Market is segmented By Type (Mineral Oils, Hydrochlorofluorocarbons(HCFCs), Chlorofluoro Carbon (CFC), Hydrofluoro Carbon (HFC), and Others), By Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, Mac, Heat Pumps, and Others), and By Country (China, Japan, India, South Korea, Singapore) – Share, Size, Growth, and Opportunity Analysis, 2023-2030
Report Overview
The Asia Pacific Refrigerant Market is expected to grow at a CAGR of 4.1% during the forecast period 2023-2030.
A refrigerant is a chemical combination of fluids that acts as a cooling agent in heat pumps and refrigeration cycles. It operates on the phase transition hypothesis and may be used as the main working fluid in absorption refrigeration systems or as a secondary fluid to transfer thermal energy from one medium to another.
There are two types of refrigerants primary and secondary. Primary refrigerants are fluids that are used as working fluids in refrigeration systems, such as vapour compression and vapour absorption, to produce refrigeration by undergoing a phase change process in the evaporator. Secondary refrigerants are liquids that use the same brine to transport heat energy from one area to another.
Refrigerant is substantially used in end-user industries such as pharmaceuticals, food, and beverages, air-conditioning equipment, fire suppression, etc.
Market Scope
|
Metrics |
Details |
|
CAGR |
4.1% |
|
Size Available for Years |
2021-2030 |
|
Forecast Period |
2023-2030 |
|
Data Availability |
Value (US$) |
|
Segments Covered |
Type, Application |
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Countries Covered |
China, Japan, India, South Korea, Singapore, and Rest of Asia Pacific |
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Largest Country |
Japan |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Drivers
Increasing Demand for Domestic Air Conditioning Systems
One of the primary reasons driving the growth of the refrigerant market is the increase in consumer appliance sales throughout the world. The increasing demand for household air conditioning systems due to a considerable increase in per capita disposable incomes, as well as the rise in demand for improved maintenance of industrial equipment that requires cold environments, will drive market expansion.
Advancements in the Cold Chain Sector
The market is also influenced by continuing developments in the cold chain sector and an increase in demand for absorption chillers in oil and gas refineries. Furthermore, the growth of numerous end-use sectors, growing urbanization, lifestyle changes, high spending income, and the existence of various compliances all have a beneficial impact on the refrigerant market. Additionally, the growing demand for natural refrigerants creates lucrative opportunities for market participants throughout the projection period.
Market Restraints
Fluorocarbon refrigerant restrictions, as well as flammability and toxicity concerns, are projected to hamper market growth. Concerns about illicit refrigerant trade are expected to provide a challenge to the refrigerant market throughout the forecast period.
Market Opportunities
Regulatory Environment
Stricter environmental rules and policies are being implemented in the area in order to reduce greenhouse gas emissions and phase out ozone-depleting compounds. This trend has generated a need for ecologically friendly refrigerants such as low-GWP hydrofluorocarbons (HFCs) and natural refrigerants such as hydrocarbons (HCs) and carbon dioxide (CO2). Companies that specialize in these alternative refrigerants might profit from this expanding industry.
Asia Pacific Refrigerant Market Segmentation
The Asia Pacific Refrigerant Market is segmented by type and application.
The chlorofluorocarbon (CFC) segment has the largest market share, owing to increased demand for air-conditioning system sales globally. For example, the Energy Government Organization's yearly air-conditioning equipment has expanded to 100 units each year, with a worldwide value of roughly US$ 100 billion, accounting for 4.5 exajoules.
Key Development
- Dongyue Group agreed to enhance project building in 2021 in order to improve the manufacturing capacity of items with promising market potential. This year has been designated as "Dongyue Project Construction Year" by the Group's management.
Regional Insights
By region, the Asia Pacific refrigerant market is segmented into China, Japan, India, South Korea, Singapore, and Rest of Asia Pacific.
Among all countries, Japan is likely to dominate the refrigerant market due to the region's increased R&D activities.
Asia Pacific Refrigerant Market Key Players
Some of the key players operating in the Asia Pacific refrigerant market are Dongyue Group, Zhejiang Fotech International Co., Ltd., SRF Limited, Changshu 3F, Zhonghao New Chemical Materials Co., Ltd., and Tazzetti S.p.A.
